23andme is exploring strategic alternatives, looking to raise capital

Embattled Genetic Testing Company 23andme Said on tuesday that it’s started exploring strategic alternatives For a second time, which could include a salary of the company or its assets, a restructuring or a business combination.

The stock, which lost 82% of its value last year, fell 10% in extended trading and was briefly halted.

The announsement coincided with the release of 23andme’s Third -Quarter ResultsRevenue in the company’s consumer services business Dropped 8% to $ 39.6 Million from $ 42.9 Million in the same period last year.

The company said it will “need additional liquidity” to fund its operations, and it is looking to raise capital.

“Management has determined that there is Substantial Doubt About The Company’s Ability to Continue as a Going CONCERN,” 23andme said in the earnings on tuesday.

Ceo anne wojcicki has been Trying to keep the company Afloat. 23andme is now Worth Less Than $ 100 Million, down from a peak of $ 6 billion.

In March, 23andme’s independent directors formed a special committee to evaluate the company’s potential paths forward. Wojcicki submitted a proposal to Take the company private in July, but it was rejected BECAuse It Lacked Committed Financing and Offred No Premium to the Closing Share Price at the time, the time, the time Committee said,

The independent directors all resigned from 23and’s board two months laater, citing disagreements with wojcicki about the “Strategic Direction for the company.” Wojcicki has since appointed Three new independent directors to its board, and 23andme also said it planned to cut 40% of its workforce and shutter its theraputics business business as part of a restructuring Plan.

On Tuesday, 23andme said the special commissione will oversee the search for strategic alternatives again, according to a releaseThe committee has selected moelis & company as its financial advisor and goodwin proctor as its legal advisor.

There’s no guarantee that a deal will take place, the committee said. Wojcicki has reepeated expressed her desire to take the company private, but it’s not clear if she will submit another proposal to do so.

23andme declined to comment.

Watch: The Rise and Fall of 23andme